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BUSINESS IN BRIEF 16/12   2009-12-16 - VietNamNet/VNA, TN

Green enterprises enjoy tax incentives

Enterprises and co-operatives that have carried out environmentally friendly projects will have to pay just 10 percent corporate income tax instead of the usual rate of 25 percent on the work, according to a recently issued circular by the Ministry of Finance.

In addition, enterprises and co-operatives in remote areas will be exempted from paying tax for the first four years and will have to pay just 50 percent for the following nine years.

State reclaims idle land from investors

The Hanoi People’s Committee will revoke licences for more than 364,000sq.m of public land because investors have been too slow to develop it or they have used it for the wrong purpose.

Vu Van Hau, director of the city’s Environment and Natural Resources Department, said during a recent inspection, 20 out of 420 projects, mostly in the districts of Hai Ba Trung, Chuong My, Thanh Oai and Phu Xuyen, had violated the conditions of use.

Some had been illegally transferred to other projects and some developers had let others encroach on the land.

Among the developers with the largest amounts of land being revoked are the Electricity Project Company, Ha Dong Garment Company, Gia Lam Irrigation company and Vinh Ha Food Manufacturing Company.

Nguyen Dang Hung, head of Chuong My district’s Environment and Natural Resources Department, said that six projects in the district would lose the use of State land. Nothing had been done on the sites for many years, creating big losses for the State.

Hau said that the department is completing legal procedures to take the land back. He said the municipal People’s Committee had extended the deadline by six to 12 months for 286 other projects that had failed to clear land held by them.

In the past year, Hanoi authorities have taken back 30,597sq.m of State land being used for purposes different to what had been nominated. The revocations are based on Prime Minister Nguyen Tan Dung’s decision to strictly management the use of State land.

Vietnamese, Russian banks to set up 500 mln USD investment fund

The Bank of Investment and Development of Vietnam (BIDV) and the VTB – Russia’s largest bank in term of authorised capital – have agreed on principle to set up a 500 million USD fund for investment projects in Vietnam, Laos and Cambodia.

The agreement will be a basis for the two sides to further negotiations toward signing an official contract as early as possible.

The fund, with a minimum capital of 100 million USD for the first stage by 2010, will prioritise projects in tourism, real estate and energy.

The BIDV and VTB will work to attract potential investors from Russia, countries of the Commonwealth of Independent States (CIS), Vietnam and other countries to contribute to the fund, thus helping to boost the trade and investment ties between the two countries.

PM approves army-run telecom corporation

The Prime Minister on Dec. 14 approved a project on the establishment of the military-run telecom group.

Accordingly, the group will be set up on the basis of the restructuring of the existing military-run telecom corporation and its affiliates.

The group, which will have a charter capital of 50 trillion VND, will work in trading telecom-information technology service at home and abroad, doing survey, giving consultancy, designing, installing and providing maintenance service for telecom works.

Conference discusses island trade development measures

A conference dedicated to island economic-trade development was held on Phu Quoc Island on December 15, focusing on infrastructure development, improving the effectiveness of trade networks on islands, and involving all economic sectors to aid in the process.

According to the Ministry of Industry and Trade, islands nationwide have seen remarkable economic-trade developments in recent years with their trade networks continuously expanded because of participation from many economic sectors, meeting the people’s demands for production and daily life, and providing essential goods for fishing vessels.

The State’s preferential policies for islanders have helped change the socio-economic faces of island districts and communes. The people’s lives have been improved and tourism activities have continuously developed with famous destinations such as Phu Quoc, Cat Ba, Phu Quy, Ly Son and Con Con.

In the coming time, several big islands with the advantage for tourism development will invest in building some modern and large-scale trade centres into goods distribution and trade promotion centres.

However, the implementation of policies is still slow and the exchange of goods in island districts and communes is small-sized.

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